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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

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Friday, May 11, 2012

It is always instructive to read about Goldman Sachs's regulatory filings. In spite of Goldman's constant lobbying against new rules and regulations, it always seems to be "complying:" It sells its investments in hedge funds; it claims to be reining in risk under the Volcker Rule; it sets aside money for lawsuits ("the cost of doing business" rather than doing business ethically); it discloses arbitration claims from its underwriting (which is not always topnotch); and it even predicts what will happen if its credit rating fell.

Yet, Goldman is what other banks aspire to as their ultimate object of veneration. What a bank!

Goldman Sachs,
moving to comply with a new rule aimed at reducing the riskiness of the
country’s big banks, recently sold some of its investments in hedge
funds.

The Wall Street firm disclosed in a regulatory filing on
Thursday that it had sold $250 million worth of investments it had in
hedge funds. Typically, Goldman will invest in hedge funds alongside
its clients, but new regulations require the bank to reduce those
holdings.

Banks have roughly two years to bring their businesses into line with the so-called Volcker Rule,
which aims to rein in risk-taking on Wall Street by barring banks from
placing bets with their own money. It will also will reduce the amount
of capital they can investment in sometimes risky vehicles like hedge
funds. Going forward, banks will be able to invest only about 3
percent of their capital in hedge funds.

“The firm currently plans
to comply with the Volcker Rule by redeeming certain of its interests
in hedge funds,” Goldman Sachs wrote in filing, which outlines its
business activities for the three months that ended March 31.

The
disclosure was part of a grab bag of information about the firm that
included new disclosures about some of its legal battles as well as the
number of trading days Goldman lost money on in the first quarter.

The
bank said its “reasonably possible” losses from lawsuits in the quarter
rose to $2.7 billion, up from $2.4 billion at the end of 2011. There
was at least one new item of note in the disclosure.

Goldman
disclosed that in February it was named as a respondent in three
separate arbitration claims filed by the cities of Houston and Reno,
Nev., and a California school district. Goldman said the claims were
based on its role as underwriter and broker-dealer of the claimants’
issuances of roughly $1.7 billion of auction rate securities from 2004
to 2007.

The three entities say Goldman failed to disclose crucial
information about their investments. The auction rate security market
ran into trouble during the financial crisis, causing some investors to
lose money. A number of people and institutions have filed claims
against Wall Street firms over this issue. The cities and the California
school district are seeking to recover damages.

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Famous Quotes

The men the American people admire most extravagantly are the greatest liars; the men they detest most violently are those who try to tell them the truth. … H.L. Mencken

An age is called Dark not because the light fails to shine, but because people refuse to see it…James Albert Michener, novelist (1907-1997)

It is impossible to calculate the moral mischief, if I may so express it, that mental lying has produced in society. When a man has so far corrupted and prostituted the chastity of his mind as to subscribe his professional belief to things he does not believe he has prepared himself for the commission of every other crime. … Thomas Paine 1737-1809, Anglo-American Political Theorist, Writer

Laws just or unjust may govern mens actions. Tyrannies may restrain or regulate their words. The machinery of propaganda may pack their minds with falsehood and deny them truth for many generations of time. But the soul of man thus held in trance or frozen in a long night can be awakened by a spark coming from God knows where and in a moment the whole structure of lies and oppression is on trial for its life.: Sir Winston ChurchillWhen governments fear the people, there is liberty. When the people fear the government, there is tyranny. - Thomas Jefferson

When cheaters prosper, we end up with the worst possible system and to call it a free market system is an obscenity. -William BlackWhen the people fear their government, there is tyranny; when the government fears the people, there is liberty." - Thomas JeffersonI believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property - until their children wake-up homeless on the continent their fathers conquered. Thomas Jefferson - 1802

Don't be afraid to see what you see.

..................................... Ronald Reagan

When the people and the government fear Banksters like Goldman Sachs and JP Morgan, there is economic dictatorship that will destroy the very fabric of our existence as a civilized society.Mike Morgan

Let me control the money of a nation and I care not who makes its laws.Meyer Amsheil Rothschild

Together We Can Make A Difference!Larry Rubinoff*************Send your "Famous Quotes" to info@goldmansachs666.com